Financial Protection Bureau - ceasing activities

I've never made that argument in my life, so maybe you took it wrong or it was a typo. That wall should always be in place. Let the gamblers gamble and eat all the losses without tainting the very necessary commercial system.

 

Glass+

Actually the elimination came about due to the leading banks at the time, led by Citicorp and others saying they couldn't compete with European banks that had expanded powers. Republican legislators, led by Phil Gramm and a couple others I don't recall passed the legislation and Clinton signed it into law. I recall several Dems including Rep Dingell opposing it. Yep, it was an overreach and in hindsight a mistake.

That said, it was a minor factor at best in the 2008 housing collapse.caused primarily by horrible lending practices. Of course Dodd Franks was then passed which in some ways was an over reaction, but when it comes to banks its better to over regulate than to leave the greed in the boardroom unchecked.

(Full disclosure I was once a banker and still own some bank stocks).

 

It's pretty much just criminals doing criminal things, while duping the rubes into thinking they're eliminating waste and fraud. Who would have guessed?!


Elon Musk is waging war on a key check on his business empire


Days after Musk attended President Donald Trump’s inauguration this year, Twitter, now known as X, made its first major step towards building a financial ecosystem. X CEO Linda Yaccarino announced the launch of a digital wallet and peer-to-peer payments platform in partnership with Visa, to be launched later this year.

Now, Musk is at the forefront of the effort to gut the primary federal financial regulator overseeing the payments business: the Consumer Financial Protection Bureau.

“RIP CFPB,” Musk posted on X last week, with a tombstone emoji.

Hours later, the Department of Government Efficiency (DOGE), which is led by Musk, deleted the CFPB’s X account and was granted access to the consumer watchdog’s systems, a person familiar with the matter told CNN. Since then, the CFPB’s acting director has instructed employees to “stand down” from all work – including fighting financial abuse.

All of this is alarming consumer advocates and ethics experts, who say there is a glaring conflict of interest between the world’s richest person simultaneously presiding over the shutdown of the CFPB while also owning businesses that would benefit from weakened financial regulation.

https://www.cnn.com/2025/02/11/business/elon-musk-cfpb/index.html

 

Said it many before. Under Donald Trump and a Republican Congress America has the best government money can buy and Co-President Elon Musk is certainly getting a positive return on his investment of $277 million in the 2024.
election cycle.
Elon Musk spends $277 million to back Trump and Republican candidates